OREANDA-NEWS. November 13, 2012. Ukio bankas closed the transaction for the takeover of 94.9 per cent shares of UAB Zalgirio sporto arena, worth LTL 357 million, thus increasing its shareholding in UAB Zalgirio sporto arena up to 10 per cent, reported the press-centre of Ukio Bankas.

UAB Zalgirio sporto arena became Ukio bankas subsidiary. UAB Zalgirio sporto arena holds in ownership and manages under rent contracts land plots in the central part of Vilnius and the real estate on these plots.

The shares of UAB Zalgirio sporto arena were taken over from several debtors of the Bank considering that upon taking over the shares and becoming the sole shareholder the Bank will be able to accelerate the development and implementation of the real estate project carried out by the company, and also will avoid possible loan impairment losses’, Arnas Zalys, the Chairman of Ukio bankas Board, said.

In order to maximise the value of the real estate project it is planned to split up the project into parts and implement each of them separately, the taken over shares, therefore, will be transferred to five new specialised subsidiaries set up for property management which will endeavour to manage separate parts of the real estate project with the maximum effectiveness. The Bank has no intention to allocate additional funds for investments in the real estate project implemented by UAB Zalgirio sporto arena.

From now on, in addition to Ukio bankas, Ukio bankas Group owns the subsidiaries UAB Zalgirio sporto arena, UAB ZSA 1, UAB ZSA 2, UAB ZSA 3, UAB ZSA 4, UAB ZSA 5, Ukio banko lizingas, Ukio banko investiciju valdymas, Ukio banko rizikos kapitalo valdymas, Investicinio turto valdymas, Bonum Publicum, Turto valdymo paslaugos, Trade Project, and Eastern Europe Development Fund. UAB Ukio banko rizikos kapitalo valdymas owns a 100 per cent interest in RAB Ukio bank lizing.

Ukio bankas is Lithuania’s first commercial bank having provided financial services via its own wide client service network, with over 60 units across the country, for a third decade already.